Monde (53) and Mafusi (49) are married out community of property subject to the accrual system. Two children were born from their marriage, a daughter Sophia (age 26) and a son Martin (age 23). Monde has the following assets: Market Value Note Primary residence - Fourways 5 500 000 1 Motor vehicle - Volvo XC90 950 000 2 Cash in cheque account 180 000 Farm in Hartbeespoort 11 400 000 3 Provident fund lump sum 1 490 000 Shares in Sasol Ltd 440 000 Shares in Green Globe Pty (Ltd) 1 900 000 4 Monde has the following liabilities: Mortgage Bond Fourways property 880 000 Outstanding vehicle finance Volvo 430 000 Monde has the following life insurance policies payable upon his death: 1. Life insurance payable to Sophia 2 000 000 5 2. Life insurance payable to the estate 8 600 000 3. Life insurance payable to Jeffrey as the policyholder 3 400 000 4 Mondes will include the following provisions: a. I bequeath my primary residence to my spouse, Mafusi. b. I nominate Top Executors Pty (Ltd) as the executor of my estate. 8 NOTES 1. Monde bequeathed the primary residence to his spouse. 2. The executor of Mondes estate sold the motor vehicle for R950 000. 3. Monde is the owner of the farm in Hartbeespoort. There are currently no bona fide farming activities taking place on the property. 4. Monde and Jeffrey are equal shareholders in Green Globe Pty (Ltd). Jeffrey took out a life policy on the life of Monde for the purpose of acquiring Mondes shares in Green Globe Pty (Ltd) in the event of Mondes death. Monde paid the premiums on the policy. 5. Monde took out a life policy in favour of Sophia to make provision for her future in the case of his untimely death. 6. Mondes deceased estate has an accrual claim in favour of his surviving spouse, Mafusi for the amount of R1 400 000. 7. The administration costs excluding Masters fee in Mondes estate amounted to R60 000 and the funeral expenses were R40 000. 8. Top Executives Pty (Ltd) is registered for VAT. REQUIRED: Calculate the estate duty payable in Mondes estate. Ignore capital gains tax